Van insurance hits record high

Latest research from Consumer Intelligence has revealed that van insurance policies have increased 11.7% in the year up to October 2016, reaching an average of £1,591.

Consumer Intelligence’s quarterly Van Insurance Index showed that price increases have been seen across the board but some age groups were spared the worst. Under-25s’ insurance prices only rose by 3.6%; but their costs were already high and now stand at an eye-watering average of £4,770 a year. Average premiums for over-50s are up by 10.7%, while 25-49 year olds have borne the brunt with a 14% price rise.

The growth in costs far outstrips inflation, and these increased costs are having a knock on effect on people’s businesses as profits take a hit to cover higher insurance premiums. 

At the same time it seems van sales are maintaining momentum, with 318,664 light commercial vans flying off the forecourt from January to October this year, a record performance according to the Society of Motor Manufacturers and Traders.

So if you’re looking at investing in a new van, or just ready to try to save on the insurance for your current LCV, there are many things you can do to save on your insurance. One good way is through comparison, as we’ve found that our customers can get van insurance from just £497.68** a year, so it really could be worth your while. With dozens of providers to choose from, why not start now? It’s easier than you think and you could save you and your business a few pennies.